John L. Culhane, Jr.

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As part of his campaign for election, New York City Mayor Zohran Mamdani vowed to make New York City more affordable. To that end and as part of his affordability initiative, he has issued Executive Orders 9 and 10 intended to crack down on “junk fees” and “subscription tricks and traps,” using the New York City Department of Consumer and Worker Protection (DCWP) to implement the initiative.… Continue Reading

Since its inception in 2011, the CFPB has cost consumers between $237 billion and $369 billion, the Trump Administration’s Council of Economic Advisers (CEA) said, in a report.

“Through a combination of regulation, supervision, and the threat of enforcement actions, the CFPB has raised costs for both borrowers and lenders,” the CEA said, adding that the largest component– increased borrowing costs–accounts for $222 billion to $350 billion of this total.… Continue Reading

The FTC has announced that it has submitted  an Advance Notice of Proposed Rulemaking (ANPRM) regarding negative option plans to the OMB Office of Information and Regulatory Affairs (OIRA) for review — an indication that the commission may be interested in revisiting click-to-cancel issues.  The OIRA has disclosed that it received the ANPRM on February 4. … Continue Reading

The U.S. Government Accountability Office (GAO) recently released a report in response to a request by members of Congress that it assess the effect of recent stop-work orders, workforce reductions, contract terminations, and other related actions on the CFPB’s ability to fulfill its statutorily mandated functions. The report addresses the status of CFPB’s significant reorganization and downsizing efforts from February through August 2025.… Continue Reading

The Justice Department and State of Texas recently entered into a settlement agreement with Colony Ridge Development, LLC and related entities (Colony Ridge) to settle allegations that Colony Ridge violated certain federal and state laws. The Justice Department had alleged violations of the Equal Credit Opportunity Act (ECOA) and Fair Housing Act (FHA).… Continue Reading

The CFPB received about 22,900 complaints about private and federal student loans between July 1, 2024, and June 30, 2025, the highest level the Bureau has received in a one-year period, the CFPB’s Private Education Loan Ombudsman said in its annual report.

The CFPB received about 2,100 debt collection complaints related to private and federal student loan debt, according to the report.… Continue Reading

The U.S. Supreme Court recently heard oral arguments in Trump v. Cook, involving the issue of whether the President may remove Lisa Cook as a member of the Board of Governors of the Federal Reserve Board. Board Members may be removed “for cause,” and the President has cited alleged mortgage fraud as the basis for the removal of Cook as a Board Member.… Continue Reading

The CFPB has received the funding it requested from the Federal Reserve, according to a January 15 letter submitted by the Justice Department to the court in the lawsuit filed against the CFPB by the National Treasury Employees Union.

On January 9, CFPB Acting Director Russell Vought notified Judge Amy Berman Jackson that, in response to her December 30, 2025 opinion in National Treasury Employees Union v.… Continue Reading

The CFPB, under former Director Rohit Chopra, regularly engaged in regulatory overreach, the Bureau’s current leadership said in its semi-annual report, covering the period from April 1- September 30, 2024.

“As indicated throughout the Report, under his leadership, the Bureau regularly engaged in an overreach of its statutory mandates via punishment of disfavored industries,” the Bureau, under current Acting Director Russell Vought said, in the report.… Continue Reading

Promising that the NCUA will not engage in “regulation by enforcement,” NCUA Chairman Kyle Hauptman has sent a letter to credit unions outlining his supervisory priorities for 2026.

“NCUA is dedicated to supporting credit unions, developing right-sized regulations and policies that safely advance innovation within the credit union system, and protecting member deposits and the Share Insurance Fund through productive, streamlined credit union supervision,” Hauptman wrote in his letter.… Continue Reading